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Supreme Court finds taxpayer had not made deliberate inaccuracy and that staleness is not relevant to discovery (HMRC v Raymond Tooth)

The following Private Client news provides comprehensive and up to date legal information on Supreme Court finds taxpayer had not made deliberate inaccuracy and that staleness is not relevant to discovery (HMRC v Raymond Tooth)

Claimant recovers damages from MIB 24 years after accident—settlement approved, but amount to remain confidential (Johnson v Secretary of State for Transport and MIB)

Private Client weekly highlights—13 May 2021

The following Private Client news provides comprehensive and up to date legal information on Private Client weekly highlights—13 May 2021

Pension body eyes easing retirement plans transfer process

The following Private Client news provides comprehensive and up to date legal information on Pension body eyes easing retirement plans transfer process

Featured Private Client content

Creation of trusts in Scotland

Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...

UK taxation of offshore trusts—inheritance tax

An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...

Liferent trusts—Scotland

Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...

Partial deed of revocation of lasting power of attorney

This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...

Practice notes

Situs of assets for succession and IHT

When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...

9th Nov

Practice notes

Termination of trusts—beneficiaries

Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...

9th Nov

Practice notes

Termination of trusts—methods of termination

Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...

9th Nov

Practice notes

Trustees—power of advancement

Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...

9th Nov

Practice notes

Trust disputes—court jurisdiction and procedure

Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...

9th Nov

Practice notes

Cayman Islands STAR trusts—common uses

This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Beddoe applications

When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan

Practice notes

What is an offshore trust?

A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Trust disputes—sham trusts

The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...

9th Nov

Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...

9th Nov

Practice notes

Capacity to litigate

On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...

9th Nov

Practice notes

The meaning of relevant property

The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...

Produced in partnership with Paul Davies of Clarke Willmott 12th Jan

Practice notes

Lifetime gifts

A lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In contrast, gifts...

9th Nov

Practice notes

Nature and classification of trusts—the three certainties

CertaintyIn order for a settlor to create a private express trust the three certainties must be present, namely:•certainty as to the intention of the...

9th Nov

Practice notes

Creation of trusts—blind trusts

What is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the settlor and beneficiary of the...

Produced in partnership with Michael O’Sullivan of 5 Stone Buildings 12th Jan

Practice notes

Notaries and notarisation—notarisation

The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or...

9th Nov

Most recent General principles content

Practice notes

Execution of deeds—jurisdictional guide

Execution of deeds—jurisdictional guideThis guide sets out the requirements for executing deeds in various international jurisdictions. The table...

Produced in partnership with Diego Krischcautzky of Marval, O’Farrell & Mairal 15th May

Practice notes

UK tax implications of overseas entity classification and distributions from overseas entities

UK tax implications of overseas entity classification and distributions from overseas entitiesAn overseas entity may be characterised for UK tax...

Produced in partnership with Robert Langston of Saffery Champness 13th May

Practice notes

Entity classification case law and HMRC's interpretation

Entity classification case law and HMRC's interpretationIt is necessary to characterise overseas entities for UK tax purposes, as this will determine...

Produced in partnership with Michael McGowan 13th May

Practice notes

Recognition of overseas divorce or dissolution of civil partnership

Recognition of overseas divorce or dissolution of civil partnership11pm (GMT) on 31 December 2020 marked the end of the Brexit...

13th May

Practice notes

Recognition of overseas marriage or civil partnership

Recognition of overseas marriage or civil partnershipIn contrast to the recognition of overseas divorce or dissolution of civil partnership, the...

13th May

Practice notes

Situs of assets for CGT (and private client)

Situs of assets for CGT (and private client)When you advise an individual on cross-border issues or offshore tax planning, it is important to...

13th May

Practice notes

Domicile

DomicileThe concepts of domicile and residence are used to establish the extent of an individual’s liability to UK taxation. Specifically, domicile...

13th May

Practice notes

Coronavirus (COVID-19)—International private client

Coronavirus (COVID-19)—International private clientThis Practice Note addresses some of the key issues for international private client practice...

13th May

COVID-19

Practice notes

Private client and private international law—summary of main principles

Private client and private international law—summary of main principlesWhat is private international law?The branch of English law known as private...

13th May

Practice notes

Glossary of UK trust and taxation law terms for international clients

Glossary of UK trust and taxation law terms for international clientsAAdministrationThe process starting on the date of the deceased's death and...

13th May

Practice notes

Overseas entity classification—trusts, usufructs and foundations

Overseas entity classification—trusts, usufructs and foundationsThere is a wide range of structures that can be used to hold wealth; many use vehicles...

13th May

Practice notes

Situs of assets for succession and IHT

Situs of assets for succession and IHTWhen you advise an individual on cross-border issues or offshore tax planning, it is important to establish the...

13th May

Practice notes

Introductory guide to residence and domicile for UK tax purposes

Introductory guide to residence and domicile for UK tax purposesThe concepts of residence and domicile are used to establish the extent of an...

13th May

Practice notes

Residence after 5 April 2013

Residence after 5 April 2013The concepts of residence and domicile (including deemed domicile) are used to establish the extent of an individual's...

13th May

Practice notes

Source of income (and private client)

Source of income (and private client)When advising an individual on cross-border or offshore tax planning, it is important to establish the 'source'...

13th May

Q&As

A child with a non-UK domicile of origin in Country A moves to the UK with their parents and acquires a UK domicile of dependency. If the child leaves the UK after the age of 16 to live in Country B, what domicile would they have? What is the position if they later return to the UK?

A child with a non-UK domicile of origin in Country A moves to the UK with their parents and acquires a UK domicile of dependency. If the child leaves...

13th May

Q&As

A UK resident and domiciled settlor of a settlor interested trust is taxed on the income and gains of the trust and its underlying offshore company as they arise. Is the settlor also taxed on a dividend paid by the company to the trust? Is there any provision to suggest the dividend would not be taxable?

A UK resident and domiciled settlor of a settlor interested trust is taxed on the income and gains of the trust and its underlying offshore company as...

Produced in partnership with Paul Davies of Clarke Willmott 13th May

Q&As

A and B are the legal owners of a property situated in a EU state. They wish to execute a declaration of trust governed by English law stating that they hold the property on trust for A, B, C and D. Would HMRC be bound by such a declaration?

A and B are the legal owners of a property situated in a EU state. They wish to execute a declaration of trust governed by English law stating that...

13th May

Q&As

A trust owns two US Limited Liability Companies (LLCs). The LLCs jointly own a Scottish limited partnership (SLP) which holds UK situs assets. The SLP is going to register under The Scottish Partnerships (Register of People with Significant Control) Regulations 2017. If no UK-source income is paid to the trust, do the trustees need to register the trust with HMRC under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017?

A trust owns two US Limited Liability Companies (LLCs). The LLCs jointly own a Scottish limited partnership (SLP) which holds UK situs assets. The SLP...

13th May

Scottish Law

Q&As

A trust deed is being drafted in order to put a couple of life policies in trust. The settlor and the two trustees are currently living in different jurisdictions. Is it possible for the parties to sign separate counterparts to the deed? Is it possible for the settlor and trustees to sign a deed electronically?

A trust deed is being drafted in order to put a couple of life policies in trust. The settlor and the two trustees are currently living in different...

13th May

General principles

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Latest Private Client News

Supreme Court finds taxpayer had not made deliberate inaccuracy and that staleness is not relevant to discovery (HMRC v Raymond Tooth)

Claimant recovers damages from MIB 24 years after accident—settlement approved, but amount to remain confidential (Johnson v Secretary of State for Transport and MIB)

Private Client weekly highlights—13 May 2021

Pension body eyes easing retirement plans transfer process

Featured Private Client content

Creation of trusts in Scotland

UK taxation of offshore trusts—inheritance tax

Liferent trusts—Scotland

Partial deed of revocation of lasting power of attorney

Most recent General principles content

Popular documents

Law of the arbitration proceedings—curial law or lex arbitri (England and Wales)

Transferred malice

Fiduciary Duties

Double insurance and contribution

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